The last date for filing income tax returns is approaching. Many people have not filed their ITR yet, while many have filed months ago. Among those who have filed, many have still not received their income tax refund. Typically, tax refund comes within 10 to 15 days after filing the ITR. However, in many cases, it can take a month or two and there can be various reasons for this delay. Let’s understand what causes this delay.
Refunds are only credited to those bank accounts that have been validated beforehand. In some cases, such as when the bank account name does not match the PAN name, the IFSC code is invalid, or the bank account is closed, there can be delays in the refund process even after the ITR is filed. The refund will only be credited if the bank account is linked to your PAN. Similarly, if there is an error in the IFSC code of the bank branch, can also lead to issues with the refund.
Another reason could be that you have not completed the e-verification of your ITR. Many people do not e-verify their ITR after filing it. In such cases, a refund will not be processed, as e-verification is a mandatory step for obtaining a refund. The e-verification process must be completed within 30 days of filing the ITR.
Another reason for delay in the refund could be pending dues from the previous financial year. If you have any outstanding tax dues from the previous financial year, you will be asked to clear those dues before the refund amount is credited. You will receive a notice regarding this, which can also cause delays in the refund process.
If there is any mismatch from the information in Form 26AS, there can be delays in the refund. Form 26AS shows a summary of all taxes paid under your PAN. If the TDS information included in the tax return does not match the details in Form 26AS, it can cause delays in receiving the refund.
All in all, by following a checklist, you can avoid delays in your refund after timely ITR filing.
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